Chainlink (Link): Price Analysis and Projections

Chainlink has made a big impact since its launch, and one element of their company is their Oracles and their native token, LINK.

According to Michael Anderson, an early bird into Chainlink Link investment, and co-founder of Framework Venture, Link could Surge higher beyond the $25 mark and perhaps overtake Ethereum ETH. As a result, we decided to analyze the LINK token. Let’s move on to analyze the charts of the LINK USD from a top-down approach and also compare Link’s performance on the LINKBTC chart.

LINK Price Analysis

LINKUSDT: Monthly

Monthly Resistance LINKUSDT Levels: 4.9762, 4.5826

Monthly Support LINKUSDT Levels: 2.0657, 1.4612, 1.3600, 0.3504

Chain Link Link vs. USD established a new all-time high in March at 4.9762, surpassing the previous 01 June 2019, an all-time high. The top-performing altcoin later pierced below but not closing beyond the 01 September 2019 support zone 1.4612, formed by a breakout of bearish accumulation resistance (2.0657).

The opening of the new month 01 May 2020 signals confidence to enter long in the LINKUSD, as the crypto pair finds support at the support zone (2.0657 – 1.4612).

Mr. Anderson’s directional bias though perceived to be exaggerated may play out in Q2 2020.

LINKUSDT: Weekly

A view from the weekly time frame shows the LINKUSD forming higher lows and failure of bearish pressure to evade the support levels.

Again, on the weekly time frame, we get early bullish entry to the upside after the pair closed with a bullish candlestick within the 23 December 2019 and 16 March support zones.

If the bulls fail to break above the 4.5826 with the bullish closing price on the weekly time frame, and the higher support zones give in to bearish pressure, we should expect the crypto pair to head south, towards the 15 April 2019 support zone. However, the formation of bullish accumulation patterns in recent weeks indicates optimism toward a price breach of the resistance level.

LINKBTC: DAILY

The bears, from a daily chart overview, signaled opposing bearish divergence setups on 04 March 2020, and recently on 09 March 2020.

These setups show an increase in demand for Bitcoin BTC over Chain Link (Link), while we eye the 05 April 2020 support zone as entry to enter back into a bullish trend.

Conclusion and Projection

From our analysis so far, Chain Link is favored over the USDT. However, traders may want to buy Bitcoin BTC as a hedge in the short term while waiting for the LINKBTC to exit the oversold area on the daily time frame.